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  • Sukanya Samriddhi Account Interest Rate

    The Sukanya Samriddhi Account has been introduced to ensure that the girl child is not left behind. The scheme aims to provide financial security to a girl till the time that she gets married. The Sukanya Samriddhi Account scheme is meant for girl children below the age of 10 years. The account matures in 21 years before which it is in a lock-in period where funds cannot be withdrawn.

    Sukanya Samriddhi Account Interest Rate

    The Sukanya Samriddhi Yojana is a new scheme launched in the year 2014 by Prime Minister Narendra Modi. The Sukanya Samriddhi Account scheme was launched with an initial interest rate of 9.10% p.a. compounded annually. This has been increased to 9.20% p.a. for the current fiscal 2015-16.Sukanya Samriddhi Yojana interest rate is revised on a yearly basis and hence for FY 2016-17 it has been revised 8.6%.

    Sukanya Samriddhi Interest Rate vs PPF, FD and RD

    The comparison of Sukanya Samriddhi interest rate with other popular savings instruments such as PPF, RD and FD is shown below:

    Scheme Sukanya Samriddhi Yojana Public Provident Fund (PPF) Fixed Deposit Recurring Deposit
    Interest rate (Fy: 2016-17) 8.60% p.a. 8.10% p.a. 6-9% p.a. 8.40%

    Salient Features of Sukanya Samriddhi Account

    • Flexible deposit amounts: The account can be opened with a minimum deposit of Rs.1,000 and in multiples of Rs.100 thereafter. A maximum of Rs.1.5 lakhs can be deposited per account every year.
    • Tax exemption: Depositors stand to receive exemptions up to Rs.1.5 lakhs p.a. as per Section 80C of the Income Tax Act, 1961.
    • Partial withdrawal: Partial withdrawal of up to 50% of account balance can be claimed once the account holder turns 18, allowing her to pursue higher education on her own.
    • Documentation: Minimal documentation requirement which includes birth certificate of girl child and identity and address proof of depositor.
    • Transferability: The account can be transferred to any of the bank branches across India that accept Sukanya Samriddhi Account openings. The RBI has listed 28 banks apart from post office branches which can operate Sukanya Samriddhi Accounts.
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